Boomerang Foreclosures as Reported by RealtyTrac

Foreclosure

Statistics have already proven that AB284 slowed the Foreclosure Process for Nevada.  However, the Real Estate industry has anticipated two indicators to reveal themselves, since this lull in the wave of foreclosures.  The first, is the expectation that the servicers and their investors would eventually extricate themselves from the burden of proof placed upon them, take the necessary steps, and obtain the certificates of foreclosure which is evident in the increase in Notice of Defaults spike reported by RealtyTrac via News 8, see the attached article.  The second, that the Nevada legislature would be lobbied for substantial change, retraction, or amend the results of Assembly Bill 284, since it’s passage.  This may already be happening, though we have not yet seen the language in any submitted legislation as it is in “BDR” Bill Draft Status.

See these three BDR Requests:

3–601 Senator Segerblom
Revises provisions relating to foreclosures.
9–636 Senate Committee on Commerce, Labor and Energy
Revises provisions relating to foreclosures.
9–719 Assemblyman Eisen
Revises provisions relating to the Foreclosure Mediation Program.

However, agreements may have already been struck, see the United Trustee’s Association E-News issued by its Lobbyist, Quote;

Those of us looking for change did not get the result we wanted, however I remain optimistic…  I still think we can cobble together a coalition of democrats and republicans to get our work done.  UTA members reached out during the campaign process to key candidates and several were elected.”  

The things that make you go, HMMMMM?!?!

We will keep you posted as we follow this session of the Nevada Legislative Session or you may request e-mail updates by contacting us at info@platinumelite.com

4 responses to “Boomerang Foreclosures as Reported by RealtyTrac

  1. Pingback: Home prices take biggest leap in 7 years, reported by InMan News | Platinum Elite Group

  2. Pingback: Rising Interest Rates Curtail Mortgage Activity as Reported by MND Newswire | Platinum Elite Group

  3. Pingback: Predatory Practices still in full swing against Homeowners? | Platinum Elite Group

  4. Pingback: Legislative BDR Update to Nevada Foreclosure Mediation and Foreclosure Process as of March 18, 2013 | Platinum Elite Group

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